Voonik to hit $250 million sales mark by end of this fiscal

Voonik, which was founded by two Amazon executives, said its business is on track to hit profitability while maintaining 10-15% monthly growthAditi Shrivastava | ET Bureau | Updated: August 17, 2016, 11:31 IST

Online mass market focussed fashion marketplace Voonik said it expects to hit sales run rate of $250 million by the end of March, and the startup has already started beefing up its top management team to help it achieve the mark in a highly competitive environment.

Voonik, which was founded by two Amazon executives, said its business is on track to hit profitability while maintaining 10-15% monthly growth.

The company is currently on a $100 million GMV run rate and has recently expanded into two additional product categories on its platform, which includes premium products category Vilara, menswear offering Mr Voonik, besides its core women focused vertical.

"Voonik is now transforming from a startup to a mature organisation.We need to become more efficient, predictable and a well-oiled machine," said CEO Sujayath Ali. "So we have got these set of experienced leaders who have been there, done that, and can take us through this transformation," he added.

The company raised $20-million funding, which closed last month, from existing backer Sequoia Capital, Seedfund, Beenos, Beenext, Tancom Investments and Times Internet, the digital product and investment arm of the Times Group, the publisher of this newspaper.